Market Outlook - July 22, 2011:: Angel Broking,

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Dealer’s Diary
The market hit its lowest level in more than a week at the onset of the trading
session on weak Asian shares. Key benchmark indices pared gains after
regaining the positive terrain in mid-morning trade. The market once again
slipped into the red in early afternoon trade. Key benchmark indices hovered in
red in afternoon trade, as European markets edged lower after a positive start.
Intraday volatility continued as the key benchmark indices weakened once
again after trimming losses in mid-afternoon trade, tracking weak European
stocks. The Sensex and Nifty closed with gains of 0.4% and 0.5%, respectively.
The mid-cap index ended lower by 0.4%, while the small-cap index closed with
losses of 0.5%. Among the front runners, Hero Honda, Tata Motors, Hindustan
Unilever, Wipro and Infosys gained 1–2%, while Reliance Comm., Reliance
Industries, Jaiprakash Associates, HDFC Bank and NTPC lost 1–4%. Among mid
caps, MindTree, CRISIL, SKS Microfinance, Petronet LNG and Hexaware Tech
gained 6–11%, while Apollo Tyres, NCC, Shree Global, Orchid Chemicals and
Dish TV India lost 4–5%.
Markets Today
The trend deciding level for the day is 18,473/5,551 levels. If NIFTY trades
above this level during the first half-an-hour of trade then we may witness a
further rally up to 18,530–18,624/5,569-5,597 levels. However, if NIFTY
trades below 18,473/5,551 levels for the first half-an-hour of trade then it may
correct up to 18,379–18,321/5,523-5,505 levels